Facts About Credit Cards and Credit Score

Many of you will agree on the fact that with rise in popularity of credit cards nowadays, it would be easy to know their importance in day-to-day life. In addition to this, with credit cards come the credit score which actually plays an imperative role in the success of financial planning. When it comes to financial planning, it would not be wrong to say that it is highly effective only if, one is able to properly use the available resources up to optimum level.

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Terms and Conditions

By accepting our "Terms and Conditions" you authorize WIshfin and its associated Partner Banks to run a CIBIL/Experian check for your profile

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Wishfin and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: (a) I have carefully read the terms and conditions of the Agreement entered into between the Company and TUCL understood the same; or (b) the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL.

I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company

I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Wishfin authorizing Wishfin to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Wishfin to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Wishfin to obtain my Consumer Credit Information .

I understand that in order to deliver the product to me, I hereby authorize Wishfin, to obtain my Consumer Credit Information from TUCL.

By submitting this registration form, I understand that I am providing express written instructions for Wishfin to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Wishfin account. I further authorize Wishfin to retain a copy of my information for use in accordance with [Wishfin’s] Terms of Use and Privacy Policy.

I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Wishfin . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yes, because only one source of income is not enough today to fulfill the funding requirement. Thus, you have to look out the alternatives for credit. And, for that you need to maintain a good credit score so that banks or other lenders can trust you by keeping the risk factor away. If you have a good credit score, you will be able to get the funding at reasonable rates.

So let’s take a look below and try to understand this thing in detail.

What credit score stands for and why it is important?

A credit score is nothing but a 3 digit numeric value that usually ranges between 300 to 900. Depending on the past credit history for a person, the higher or lower credit score is being assigned to him/her by different available lenders.

If a person is having the high credit score, he/she has maximum chances of availing the credit because lenders will consider this profile at lower risk, and will be more comfortable to process his application. While on the other hand, if a person has low credit score, he/she will be at higher risk, hence will be charged with higher interest rate.

Who Keeps the Record of Credit Score?

To maintain the record of credit score in India, Credit Information Bureau of India Ltd (CIBIL) in association with Transunion keeps an eye on the credit scores of individuals.

How You Can Access Your Credit Score?

You can easily access the reports of your credit score with the help of CIBIL. Actually, your credit score is given in a report, commonly known as CIR ( Credit Information Report). Whenever you look for credit, it would be advisable for you to look for your credit score first. A good credit score and your repayment ability can actually help you avail the credit at lower interest rates.

How You Can Keep a Good Credit History?

By following the below steps, you can easily maintain a good credit score which will help you to bargain for the low interest rates.

Always pay your EMIs or credit cards bills right on time.

Try to use almost less than 30% of the total credit available for unsecured loans like-credit cards and personal loans.

Holding multiple credit cards with outstanding balances are considered as risky by banks. So, avoid using multiple credit cards.

If you have one old credit card, think twice before closing it as it signifies the longevity of your relationship that you have maintained with the bank.

Try to avoid over-using your credit card as it can directly impact your credit history. It can create a negative impact on your credit score.

If you are having joint accounts, try to monitor your account regularly to keep an eye on default payments.

Apply for a credit card only when you have a genuine need for it as unnecessary inquiry can impact your credit score negatively.

Keep a track of your own credit history so that you can always be aware with your updated score.

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